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What Homeowners Need to Know About the Solar Energy Credit

Fox Business -- I recently noticed that my electric bill has been soaring recently—closing in on $600 to $700 a month. With the summer heat about to hit its peak, I decided to do some investigating to find ways to bring down my bill. I discovered that a solar system can bring down my bill considerably and after crunching the numbers, I learned the return on investment (ROI) also made it a worthwhile idea.

If you purchase a solar system between now and Dec. 31, 2016 you will be eligible for a tax credit equal to 30% of the cost of your solar system, including installation. Please note that this tax credit is not available if you lease the system or participate in a Solar Power Purchase Agreement (PPA).

This is a tax credit, not merely a deduction. So if you owe $10,000 in taxes and your solar system cos


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Submitted Jun 08, 2012 By: DellDude2
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: What Homeowners Need to Know About the Solar Energy Credit Back to Topics
REPLIES (newest first) Post a Reply
Hewy67
Sophomore Author Grand Rapids

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Message Posted: Jun 8, 2012 6:22:59 PM

it all cost money!
iceman11
Champion Author Ontario

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Message Posted: Jun 8, 2012 6:21:09 PM

interesting
darkknight1
Champion Author Winston-Salem

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Message Posted: Jun 8, 2012 6:21:04 PM

Can't afford one because I'm paying too much for gas.
malfrog1
Champion Author South Bend

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Message Posted: Jun 8, 2012 6:20:01 PM

Still very costly.
JSX515
Champion Author St. Louis

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Message Posted: Jun 8, 2012 6:16:56 PM

Who cares.
nimpy
Champion Author Indianapolis

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Message Posted: Jun 8, 2012 6:11:54 PM

This is a good thing to know
chillyman3
Champion Author Illinois

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Message Posted: Jun 8, 2012 6:11:16 PM

Why does solar energy cost so much to purchase?
nugney
Champion Author Atlanta

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Message Posted: Jun 8, 2012 6:08:03 PM

more subsidy crap
FlogNut
Champion Author Chicago

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Message Posted: Jun 8, 2012 6:07:19 PM

That Solar Energy Credit is being subsidized by the taxpayers.
Tucker1961
Champion Author Seattle

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Message Posted: Jun 8, 2012 6:07:19 PM

I can buy a lot of electricity for the cost of a solar heating and colling system, even after the tax break. The prices need to come way down. The only way those systems look good, is if you lose access to traditional sources of electricity. Which could be a real future concern. other than that no way.
ghmortensen
Champion Author Minnesota

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Message Posted: Jun 8, 2012 6:00:01 PM

The numbers may work for the individual, but it is us, the tax payers, paying for the other 30% of his solar system. If every single tax payer took advantage of this credit, everyone's taxes would have to go up 30% to pay for it. Do those numbers still work for you?
toneOH
All-Star Author Ohio

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Message Posted: Jun 8, 2012 5:57:47 PM

ok
rampower80
Champion Author Kentucky

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Message Posted: Jun 8, 2012 5:57:12 PM

ok
30mpg80
Champion Author Lexington

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Message Posted: Jun 8, 2012 5:56:43 PM

Thanks for the info.
CTarp
Champion Author Texas

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Message Posted: Jun 8, 2012 5:55:27 PM

Solar costs too much.
DustyHorse
Champion Author Virginia

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Message Posted: Jun 8, 2012 5:54:43 PM

I wonder if they figure in the rather short lifespan of solar panels?
Virgin55
Veteran Author Ocala

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Message Posted: Jun 8, 2012 5:53:51 PM

ok
BrucePen
Champion Author Ontario

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Message Posted: Jun 8, 2012 5:53:46 PM

Good deal if you have the money.
Few do!
sciotosix
Champion Author Dayton

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Message Posted: Jun 8, 2012 5:53:21 PM

Sounds good if you can afford it.
PizzaMon
Champion Author Philadelphia

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Message Posted: Jun 8, 2012 5:52:56 PM

Go for it if it fits your needs.
BBopp
Champion Author Dayton

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Message Posted: Jun 8, 2012 5:48:06 PM

Sounds like a sweet arrangement if you can swing it.
Piniewoods
All-Star Author Jacksonville

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Message Posted: Jun 8, 2012 5:44:19 PM

It is a scam.
AnObserver
Champion Author New Jersey

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Message Posted: Jun 8, 2012 5:40:20 PM

Every state and utility company has different incentives for solar energy
AKmailman
Champion Author Alaska

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Message Posted: Jun 8, 2012 5:40:17 PM

and another OT article - GasBuddy.com get it?
Not solar.com
texashoudini
Champion Author Austin

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Message Posted: Jun 8, 2012 5:38:55 PM

Wow! And I thought we had high energy bills in Austin, Texas. I'm not paying half of that. However I think the council is out to get us. They just voted an 8% raise in rates which means between $8 and $123 a month incrase on most bills.
big_mac64
Champion Author Tennessee

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Message Posted: Jun 8, 2012 5:38:43 PM

I'm on Soc Sec, and don't get tax credits cuz I don't make enough to file taxes. So big deal!
crashintuc34
Champion Author Tucson

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Message Posted: Jun 8, 2012 5:36:40 PM

Alrighty then.
cutter1330
Champion Author Oklahoma

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Message Posted: Jun 8, 2012 5:35:47 PM

This applies only if you plug your EV in when ya get home at night.
arcaneradio
Champion Author Michigan

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Message Posted: Jun 8, 2012 5:26:09 PM

k
jci25946
Champion Author Tampa

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Message Posted: Jun 8, 2012 5:19:20 PM

A credit is always the best for tax purposes, but this isn't gas prices!!
MINIWINI598
Champion Author Washington

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Message Posted: Jun 8, 2012 5:18:49 PM

ok
SUNOIL
Champion Author Toledo

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Message Posted: Jun 8, 2012 5:17:40 PM

If it sounds tooo good
Bonanza
Champion Author Boston

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Message Posted: Jun 8, 2012 5:14:46 PM

What does this have to do with the price of gas?
Mermaan
Champion Author Boston

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Message Posted: Jun 8, 2012 5:14:24 PM

Biased site is biased
SparkieMi
Champion Author Kalamazoo

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Message Posted: Jun 8, 2012 5:12:19 PM

Thank you for the information...
captngasTN
Champion Author Tennessee

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Message Posted: Jun 8, 2012 5:11:29 PM

ditto jwduke1
CrappieFool
Champion Author Alabama

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Message Posted: Jun 8, 2012 5:11:04 PM

My father had solar for about 12 years and recently removed it. Why you ask? Because the upkeep made it cost too much for the ROI.
Voltus
Champion Author Miami

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Message Posted: Jun 8, 2012 5:10:41 PM

yup, it most be Al Gore
Rick52
Champion Author Milwaukee

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Message Posted: Jun 8, 2012 5:08:38 PM

Sure !! Until it snows..
jwduke1
Champion Author Iowa

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Message Posted: Jun 8, 2012 5:07:58 PM

$700 a month? Who is this guy, Al Gore??
SparkieMi
Champion Author Kalamazoo

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Message Posted: Jun 8, 2012 5:06:30 PM

Interesting....
rwrMO
Champion Author Missouri

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Message Posted: Jun 8, 2012 5:03:14 PM

what happens when the sun don't shine for a few days?
carefrey
Champion Author Orlando

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Message Posted: Jun 8, 2012 4:54:10 PM

Good info!
mcmonsta
Champion Author Honolulu

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Message Posted: Jun 8, 2012 4:53:07 PM

30 % that could pay off shortly especially if the states/energy/utility companies would do the same ....advantage solar
stevencr
Champion Author Ohio

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Message Posted: Jun 8, 2012 4:52:22 PM

This whole solar thing is way over hyped. Using taxpayers dollars to give tax credits to those who play the solar game is just wrong. How long do the panels last? What building codes are affected? If the company goes bankrupt, who picks up the warrenty?
kettledrum
Champion Author Indianapolis

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Message Posted: Jun 8, 2012 4:43:56 PM

Bonzoonfnb can't qualify for the mortgage interest deduction either. :-(
Focus2
Champion Author Illinois

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Message Posted: Jun 8, 2012 4:43:51 PM

So, putting in a solar system for a tax credit won't save me a dime. What I need is a deduction as I don't owe a tax bill but want to get money back.
dhdiesel
Veteran Author Riverside

Posts:400
Points:44,800
Joined:Feb 2012
Message Posted: Jun 8, 2012 4:41:31 PM

So, you spend $18k and get a $5400 tax credit. I can buy one hell of a lot of electricity for $12,600!

And with new fire laws, you can't put as many panels on your roof. The firemen need 3 foot of access on the sides and peak so they can cut a hole in your roof to vent a fire.

A better way to save money is to reduce consumption and upgrade windows, insulation, appliances etc.

[Edited by: dhdiesel at 6/8/2012 7:45:36 PM EST]
thebrohta167
Champion Author New Jersey

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Message Posted: Jun 8, 2012 4:33:19 PM

ok
WilW
Champion Author Atlanta

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Message Posted: Jun 8, 2012 4:29:21 PM

Thanks for the gas saving tip!....oh, wait!
Dsin44
Champion Author Abbotsford

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Message Posted: Jun 8, 2012 4:28:20 PM

only way to go
1COR1533
Champion Author San Jose

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Message Posted: Jun 8, 2012 4:22:52 PM

NOT BAD COMPARED TO 10 YEARS AGO WHEN THERE WAS NO CREDIT
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